Graduate Loans

Student loans may be a source of funding for your college education. There are a variety of student loan options for you to consider. The biggest difference between loans and other forms of funding is that you are required to pay loans back, which many times includes interest.

Federal Direct Loan

The Federal Direct Loan is a low interest loan made to eligible undergraduate and graduate students enrolled in atleast six credits or more. With Direct Loans you:

Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans.

Have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.studentloans.gov.

Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.

Have many deferment or cancellation options.

Direct Loan - Subsidized

This loan is available to undergraduate students only with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.

Direct Loan - Unsubsidized

This loan is an alternative funding source for students who need additional funding to meet the cost of education. The Unsubsidized Direct Loan is not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.

Loans disbursed between July 1, 2013 and June 30, 2014 will have the following interest rate.

Undergraduate Subsidized: 3.86%

Undergraduate Unsubsidized: 3.86%

Graduate/Professional Unsubsidized: 5.41%

Direct Loan Fees and Rebates (subsidized & unsubsidized)

Origination Fee: There is a 1.051% origination fee that the Department of Education applies to all Federal Direct Subsidized and Federal Direct Unsubsidized loan disbursements.

Federal Direct Subsidized and Federal Direct Unsubsidized loan disbursements on or after December 1st will have an origination fee of 1.072% due to Sequestration.

Federal Direct Loan for Graduate Students (GradPLUS)

This loan, borrowed directly from the federal government, is an alternative funding source for graduate/professional students who need additional funding to meet the cost of education. Financial need is not required to be eligible to borrow a Federal Direct GradPLUS Loan.

Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Direct Loan Program before applying for a GradPLUS loan.

The GradPLUS loan borrower (or the cosigner if required) must not have an adverse credit history.

Graduate/Professional students who are enrolled at least half-time (six or more credits) may borrow up to the cost of education minus other aid.

Repayment of the GradPLUS loan begins on the date of the last disbursement. Under certain circumstances, deferment and forbearance options may be available. Interest continues to accrue and must be paid during periods of deferment or forbearance.

Direct GradPLUS loans have a fixed interest rate of 6.41% for disbursements between July 1, 2013 and June 30, 2014. Borrowers are charged a 4.204% origination fee. The entire fee goes to the government to help reduce the cost of the loans.

Some of the benefits of a Direct GradPLUS loan:

The interest may be tax deductible.

The GradPLUS loan may be repaid any time without penalty.

GradPLUS loans can be consolidated with Stafford Loans, Direct Loans and other eligible federal education loans into one convenient, longer-term fixed-rate loan.

Loan payments may be deferred while enrolled in school and reduced or deferred in times of economic hardship, if not in default.

Federal Nurse Faculty Loan Program (NFLP)

Priority Date for 2013-14 Funding is October 1, 2013

The Nurse Faculty Loan Program is a federal program designed to increase the number of nursing students who pursue careers as full-time faculty teaching in schools of nursing. The program is funded by the Health Resources and Services Administration (HRSA), Bureau of Health Professions, and allows nursing schools to make loans to their students enrolled full-time in advanced degree nursing programs.

Following graduation and upon full-time employment in a school of nursing within one year of graduation, the borrower can cancel up to 20% per year for a maximum of 85 percent of the total NFLP loan (years 1, 2, and 3: 20%; year 4: 25%). The NFLP loan bears interest on the unpaid balance at the rate of 3% per annum beginning 3 months after the borrower ceases to be an eligible student in the advanced nurse education program.

Those who fail to become faculty members after graduation, or take a leave from school, must repay the loan at the prevailing market rate. The NFLP loan goes into repayment 9 months after the borrower ceases to be an eligible student in the advanced nurse education program.

What does the NFLP provide?

Awardees will receive funding up to the cost of full-time tuition and fees. A maximum of $30,000 can be received per academic year for five years. Awards may be renewable for a maximum of four years but this is contingent upon ongoing federal funding and therefore subject to change.

Who is eligible to apply?

Students are eligible to apply if they are:

committed to a faculty role,

in good academic standing,

enrolled full-time (9 credits) or part-time (6 credits),

US citizens or permanent residents, and

not in default on any prior student loans.

Students must maintain enrollment for a minimum of two consecutive semesters (full-time or part-time). Temporary military leave is allowable.

Students must be admitted to either the PhD in Nursing program or the MS in Nursing with a specialization in Nurse Education.

Awards are made on a first-come, first-served basis until all funds are expended. Priority will be given to students who have received NFLP funding in the past. Students may receive support from other Federal programs, provided that the funds are not used to cover the same costs.

What are the awardee’s responsibilities?

If you are granted a Nursing Faculty Loan you must:

Remain in good academic standing.

Accept the NFLP loan on CampusConnection. An e-mail notification will be sent to your UND e-mail account when this is available.

Please note that the application is submitted to the UND Student Financial Aid Office, not the College of Nursing.

Private Education Loans

Private Education Loans are available to students as an option if the aid that the student has been awarded does not cover all of the student's educational expenses and the student has exhausted their eligibility for the Federal loan programs.

Canadian Higher Education Loan Fund

This loan is for Canadian citizens and is open to undergraduate and graduate students.

Contact the National Student Loan Service Center for information and application: call 1-888-815-4514 or visit www.canlearn.ca.

This loan is for Canadian citizens and is open to undergraduate and graduate students. The minimum loan is $2000 USD and the interest rate is variable.

For information and application: call 1-888-296-4332 or visit www.iefc.com.

This loan is for Canadian citizens and is open to undergraduate and graduate students. The minimum loan is $2000 USD and the interest rate is variable.

For information and application: call 1-888-296-4332 or visit www.iefc.com.

Global SLC International Student Loan

This loan is for international students from India (other countries of origin in the future) enrolled in a U.S. college. You are not required to have a U.S. Citizen as a co-signer, but must have a co-signer in India. The interest rate is variable.

Self-CertificationStudents who borrow private or institutional educational loans are required to complete the Private Loan Self-Certification Form for each loan requested before loans can be disbursed. Your forms will be sent to you by your lender (UND or private lender). Learn more

Loan Counseling Information

All of the federal student loan programs require that a student complete an Entrance Loan Counseling Session before funds may be released.

Students are also required to complete an Exit Loan Counseling Session if they drop below half-time enrollment, withdraw, or before the end of their last term of enrollment at UND.